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• <br />AGENDA ITEM 6Dii <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: April 11, 2005 <br />TOPIC: Resolution No. 05 -52, Authorizing Execution of Development Agreement, <br />West Shadow Ponds 2nd Addition <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council approved the preliminary plat of West Shadow Ponds 2nd Addition on <br />October 4, 2004. West Shadow Ponds 2"d Addition consists of 2 units of residential <br />development. <br />In accordance with the Development Agreement approval and City policy, staff has <br />prepared a Development Agreement for the West Shadow Ponds 2nd Addition <br />Development. The agreement provides for the following: <br />1. Submittal by the developer of a Letter of Credit in the amount of $9,000.00 <br />representing 35 percent of the City improvement costs to insure completion of <br />the project in accordance with the approved plans. Since all the street and utility <br />improvements are already installed, there isn't a Letter of Credit for development <br />improvements. <br />2. Deposit of a cash escrow in the amount of $5,250.00 to reimburse the City for <br />costs incurred by the City related to improvements of the site and developer <br />improvements. <br />Richard S. Carlson Development, LLC has reviewed the contract and is aware of the <br />conditions set forth. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution Number 05 -52, Authorizing Execution of Development Agreement, <br />West Shadow Ponds 2 "d Addition. <br />3. Not adopt Resolution Number 05 -52. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution Number 05 -52 be adopted. <br />